Insights

The London Barometer November 2013

Wednesday, November 06, 2013by Douglas And Gordon

November 2013 / Sales

Market Comment

“ The October market was far busier than this time last year. The publicity surrounding the market and Help to Buy has helped fuel a 20% rise in viewings and it does feel a lot busier than it did in September.

“The inexorable decline in stock levels continues with 22% fewer available properties and yet the number of new applicants registering remains steady implying that the recent status quo will be maintained, small but steady price rises. Asking prices appear to have overshot but sellers who want to move before Christmas are beginning to think they will have to reduce.

“Discussions around overseas owners potentially having to pay CGT is unlikely to produce more sellers given the paucity of alternative investments available. In fact this could result in even fewer properties being sold and a ‘zombie market’ emerging until after the next general election.

Ed Mead, Director

November 2013 / Lettings

Market Comment

“The number of properties available to let in October was at the lowest level for over a year, and 30% down on the peak in May 2013, showing signs of a more balanced lettings market.

“Increased new business and record revenues in October suggests that the lettings market has turned a corner, with a particularly better performing market in PCL.

“However, December seasonally brings a significant drop in demand for properties so we will be advising our landlord clients on how to ensure their property works even harder to secure a tenant during November.“